Won Stablecoin Alone Insufficient to Stem Korea's Crypto Outflows

Korea's crypto outflows have been a persistent trend, with $10.5 billion in stablecoins moving from domestic exchanges to overseas platforms between January and June this year.

According to Financial Supervisory Service data, the net outflow exceeded inflows for 18 straight months, averaging $829.1 billion per month.

Vincent Chok, CEO of First Digital, a digital asset financial services firm that issues the FDUSD stablecoin, attributes these flows to demand for offshore investment access rather than stablecoins themselves.

Korean crypto exchanges are largely focused on spot trading, while overseas platforms offer perpetual futures, options, decentralized finance, and tokenized real-world assets, making dollar-backed stablecoins a practical way to move liquidity to these markets.